Algert Global LLC Purchases 62,559 Shares of Griffon Co. (NYSE:GFF)

Algert Global LLC grew its stake in shares of Griffon Co. (NYSE:GFF - Free Report) by 94.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 128,870 shares of the conglomerate's stock after purchasing an additional 62,559 shares during the period. Algert Global LLC owned about 0.26% of Griffon worth $8,230,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Scarborough Advisors LLC purchased a new stake in Griffon during the fourth quarter valued at about $35,000. Picton Mahoney Asset Management acquired a new position in Griffon in the 2nd quarter worth approximately $55,000. GAMMA Investing LLC grew its position in Griffon by 65.1% during the 1st quarter. GAMMA Investing LLC now owns 842 shares of the conglomerate's stock worth $62,000 after purchasing an additional 332 shares in the last quarter. Plato Investment Management Ltd acquired a new stake in Griffon during the 1st quarter valued at $65,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Griffon in the second quarter valued at $70,000. Institutional investors and hedge funds own 73.22% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on GFF shares. Stephens reissued an "overweight" rating and set a $85.00 price target on shares of Griffon in a research report on Tuesday, September 10th. StockNews.com raised shares of Griffon from a "buy" rating to a "strong-buy" rating in a research report on Monday, September 23rd. Finally, Robert W. Baird lowered their price objective on shares of Griffon from $86.00 to $84.00 and set an "outperform" rating on the stock in a research report on Thursday, August 8th. Three investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $81.50.

Insider Activity

In related news, COO Robert F. Mehmel sold 3,174 shares of the company's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $70.01, for a total transaction of $222,211.74. Following the completion of the sale, the chief operating officer now directly owns 750,872 shares of the company's stock, valued at approximately $52,568,548.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Griffon news, CEO Ronald J. Kramer sold 20,135 shares of Griffon stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $70.01, for a total value of $1,409,651.35. Following the transaction, the chief executive officer now directly owns 2,195,131 shares of the company's stock, valued at approximately $153,681,121.31. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Robert F. Mehmel sold 3,174 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $70.01, for a total value of $222,211.74. Following the transaction, the chief operating officer now owns 750,872 shares of the company's stock, valued at $52,568,548.72. The disclosure for this sale can be found here. Insiders have sold a total of 232,560 shares of company stock valued at $15,290,160 over the last 90 days. 16.10% of the stock is currently owned by company insiders.

Griffon Stock Up 0.7 %

GFF stock traded up $0.48 during trading hours on Friday, hitting $69.48. The company's stock had a trading volume of 314,621 shares, compared to its average volume of 438,584. The company has a market capitalization of $3.44 billion, a PE ratio of 18.33 and a beta of 1.29. The stock has a 50 day moving average price of $66.29 and a two-hundred day moving average price of $67.34. The company has a quick ratio of 1.39, a current ratio of 2.50 and a debt-to-equity ratio of 6.71. Griffon Co. has a 12 month low of $38.33 and a 12 month high of $77.99.

Griffon (NYSE:GFF - Get Free Report) last posted its earnings results on Wednesday, August 7th. The conglomerate reported $1.24 earnings per share for the quarter, missing the consensus estimate of $1.31 by ($0.07). The company had revenue of $647.80 million for the quarter, compared to the consensus estimate of $688.94 million. Griffon had a net margin of 7.27% and a return on equity of 96.05%. Griffon's quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the business earned $1.29 earnings per share. On average, equities research analysts expect that Griffon Co. will post 4.87 earnings per share for the current year.

Griffon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Wednesday, August 28th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $0.60 annualized dividend and a yield of 0.86%. Griffon's dividend payout ratio (DPR) is presently 15.83%.

Griffon Profile

Griffon Corporation, through its subsidiaries, provides consumer and professional, and home and building products in the United States, Europe, Canada, Australia, and internationally. The company operates through two segments: Home and Building Products, and Consumer and Professional Products. The Home and Building Products segment manufactures and markets residential and commercial sectional garage doors, rolling steel service doors, fire doors, shutters, steel security grilles, and room dividers for the use in commercial construction and repair, and home remodeling applications.